DA's Mark Burke removed from finance committee due to Kastelo inquiry
In a significant move, DA MP Mark Burke steps down from key finance roles amid a South African Reserve Bank inquiry into Kastelo, raising concerns over potential conflicts of interest.
Parliamentary Leader George Michalakis of the Democratic Alliance announced that Mark Burke, a Member of Parliament, has been removed from the finance committee and the DA's finance cluster due to an inquiry by the South African Reserve Bank. The inquiry pertains to a company in which Burke holds a beneficial interest. The decision was made to prevent any potential conflict of interest.
Michalakis stated that the choice was made after consultations with Burke and in an effort to maintain caution. Burke is currently a member of Parliament's Standing Committee on Finance and an alternate member on the Standing Committees on Appropriations and Public Accounts. The Reserve Bank is currently investigating Kastelo, a fintech company in which Burke's brother, Nicholas Burke, serves as the CEO.
Kastelo had previously challenged a Reserve Bank blocking order linked to suspected exchange-control contraventions involving approximately R4 billion, which was dismissed by the Johannesburg High Court on July 28. The court found that the SARB had established a valid and objectively reasonable suspicion. Burke denies any wrongdoing and maintains that he is not involved in the daily operations of Kastelo.
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